sebi:WTM/AB/WRO/WRO/18823/2022-23
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Facts / Headnote
Violations found; penalties imposed totaling INR 15,00,000; Noticee debarred from securities market for 3 years; directed to resolve complaints and make refunds.
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 15F
- s. 15C
- s. 65
- s. 15E
- s. 65B(4)
- s. 120B
- s. 406
- s. 109
- s. 180
Regulations
- Reg. 3
- Reg. 13
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 28
- Reg. 15
- Reg. 5
- Reg. 22
- Reg. 21
- Reg. 3(a)
- Reg. 15(1)
- Reg. 15(9)
- Reg. 13(b)
- Reg. 35
- Reg. 21(1)
Parties
- Money Secure Investor (Proprietor- Alka Shrivastava)
Holding
The Noticee, Money Secure Investor (Proprietor- Alka Shrivastava), was found to have violated multiple provisions of the IA Regulations, SEBI Act, and SEBI Circulars, including failing to inform SEBI of material changes, improper risk profiling, unsuitable investment advice, breach of fiduciary duty, arbitrary fee collection, accepting cash deposits, and failure to redress investor complaints within the prescribed time.
Full text
Order in the Matter of Money Secure Investor (Proprietor- Alka Shrivastava) Page 1 of 42 WTM/AB/WRO/WRO/18823/2022-23 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the Matter of Money Secure Investor (Proprietor- Alka Shrivastava) Page 2 of 42 Regulations. Consequent to the completion of examination in the matter, a Show-cause Notice bearing No. SEBI/WRO/P/OW/2021/39364/1 dated December 29, 2021 was issued to the Noticee, based on the findings of the said examination (“SCN”). It is in this
Order in the Matter of Money Secure Investor (Proprietor- Alka Shrivastava) Page 3 of 42 dated July 15, 2022 provided its response to the SCN. It is further stated that the Noticee was also provided an opportunity of hearing on July 08, 2022, and the Noticee entered appearance through its authorised representative on the scheduled date of hearing and made submissions. 3.2. I note that the Noticee by way of its reply dated March 21, 2022 and email dated July 15, 2022 has filed its response against the allegations made in the SCN. After perusing the written replies filed by the Noticee and oral arguments made by it before me during the personal hearing, the submissions and arguments are summarised hereunder:: a. The alleged material information regarding an FIR being registered against the Noticee was already with SEBI’s local office in Indore. b. SEBI had allowed the Noticee to change its address, and the registration of FIR was neither fundamental change in information provided earlier nor material change in the same. c. The High Court ( High Court of Madhya Pradesh, Indore Bench) had quashed the FIR lodged against Alka Shrivastava and any further proceeding in furtherance of the FIR would amount to contempt of court. The urgency shown by officers of SEBI to enquire into the complaints which had already been resolved to the satisfaction of SEBI, and seeking the Noticee to file her reply amounted to contempt of court. d. The Noticee, Alka Shrivastava was a nursing mother at th
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/18823/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.